Panel

Variables

ADF

I (0)

Im Pesaran & Shin I (0)

ADF

I (1)

Im Pesaran & Shin I (0)

LMI

Countries

Tvolume

0.47

3.40

31.84^a

−3.72^a

Export

3.86

1.64

33.85^a

−4.77^a

GDPi

0.25

4.01

12.67^a

−1.01^a

GDPj

5.96

0.77

28.99^a

−3.29^a

POPi

0.40

3.55

7.87^a

−0.09^a

POPj

68.44

−13.46

50.30^a

−5.16^a

NRj

36.99

−75.15

24.37^a

−53.65^a

INSTQj

12.78

−0.91

35.04^a

−4.25^a

INFRj

15.94

0.07

21.81^a

−2.24^a

LI

Countries

Tvolume

1.30

38.01

3.81^a

−3.62^a

Export

12.31

15.68

1.07^a

−0.30^a

GDPi

0.35

17.74

4.75^a

−1.20^a

GDPj

7.95

48.03

1.06^a

−4.71^a

POPi

0.57

11.02

4.20^a

−0.45^a

POPj

55.01

99.09

−8.29^a

−16.39^a

NRj

18.42

19.40

−46.19^a

−176.70^a

INSTQj

30.09

32.33

−2.45^a

−2.99^a

INFRj

18.42

19.40

−46.19^a

−176.70^a

ECOWAS

Countries

Tvolume

1.78

69.89

5.11^a

−5.17^a

Export

16.17

49.53

1.73^a

−2.14^a

GDPi

0.61

30.41

6.22^a

−1.57^a

GDPj

13.91

77.03

1.31^a

−5.72^a

POPi

0.97

18.89

5.50^a

−0.14^a

POPj

123.45

149.39

−15.03^a

−15.85^a

NRj

55.41

43.78

−84.78^a

−166.67^a

INSTQj

41.46

65.55

−2.34^a

−4.86^a

INFRj

22.36

65.13

1.86^a

−4.62^a